CIBC takes a big step toward a global securities business.

WITH the acquisition of Oppenheimer Holdings Inc., Canadian Imperial Bank of Commerce, Canada's second-largest bank, has taken a big step toward its goal of building a worldwide securities business to cater to the needs of its North American and overseas company and individual clients.

The expected $525 million cash deal for Oppenheimer, a privately owned New York partnership, was announced yesterday after about two months of negotiations.

''We believe that there will soon be only 20 or so firms that will have a real equity presence in the United States, and only a few of those will be able to combine that capability with the strength in credit products normally associated with commercial banking,'' said Michael S. Rulle, 47, who will become chairman and chief executive of the CIBC Oppenheimer Corporation, the firm's newly named New York securities company. ''CIBC Oppenheimer will be one of those select few.''

Because it has lacked this ability to trade, issue and research equity securities, CIBC Wood Gundy, Canadian Imperial's worldwide securities subsidiary, has had to pass up significant business opportunities, Mr. Rulle said.

''We need more capabilities and stronger capabilities,'' said John Hunkin, the president of CIBC Wood Gundy, in an interview yesterday. The equity capital markets are becoming much more centered on New York City, Mr. Hunkin said, explaining his firm's ambitions to build a much bigger business there. Many of the firm's big Canadian clients increasingly want and need access to the American equity markets.

Canadian investors and analysts seemed to like the Oppenheimer acquisition.

''It's very much a good idea,'' said A. Roy Palmer, an analyst with TD Securities Inc. in Toronto. ''The most important thing is it will round out their investment banking presence in New York City. In a fairly bold move three years ago, they built up quite an investment banking team there, but they have been lacking an equity operation. So, this is a very necessary move for CIBC to become a force there.''

On the Toronto Stock Exchange yesterday, shares of CIBC rose $2.75 (Canadian), or $2 (United States), to $40.65 (Canadian), or $30 (United States). While stocks in Toronto rose strongly yesterday, CIBC's shares gained more than those of other Canadian banks.

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Analysts in New York said the transaction followed other similar transactions earlier in the year, such as the sales of Dillon, Read, Alex Brown Inc. and Robertson, Stephens.

CIBC expects New York to follow the pattern established by deregulation in other markets.

''If one looks at what has happened in markets like London and Toronto,'' which have already allowed banks into their securities markets, ''the midsized firms get purchased and there are even more of the specialized boutiques,'' Mr. Hunkin said. Then, he said, there are just a few big full-service securities firms, such as that CIBC aspires to be.

Nathan Gantcher and Stephen Robert, Oppenheimer's top two executives, who are both 56, will become co-chairmen of CIBC Oppenheimer, and remain with the firm for at least the next three years. The sale of Oppenheimer, Mr. Gantcher said, is an opportunity ''to combine our equity businesses with their fixed-income expertise and deep capital base.''

The price tag for Oppenheimer includes $350 million, which will be paid at the closing of the purchase, which is expected to be before the end of the year, and up to $175 million, which will be paid out over the next three years to secure the loyalty of about 40 key Oppenheimer executives. In today's raging bull market, Wall Street professionals are frequently tempted to switch jobs by offers of more money.

The purchase price, Mr. Rulle said, represents about 1.6 times Oppenheimer's book value, or 10.6 times its earnings for the last 12 months. That makes it relatively less expensive than some recent acquisitions of securities firms.

Noting that CIBC already had a securities business, Perrin H. Long Jr., an independent analyst in Darien, Conn., said, ''The brokers are not going to pay more than 1.5 to 2 times book for another brokerage firm.'' Mr. Long said he expected that CIBC would put more emphasis on increasing Oppenheimer's revenue and its equity business.